In a surprising turn of events amidst the crypto bear market, Blockchain.com, the UK-based crypto exchange and wallet provider, has secured a substantial $110 million in Series E financing. Despite recent setbacks in the crypto industry, this funding round showcases the enduring confidence investors have in Blockchain.com and the overall crypto landscape.
Led by Kingsway Capital, founded by the seasoned Manny Stotz with $5 billion in assets under management, the Series E funding saw participation from major players like Baillie Gifford, Lakestar, LSVP, and Coinbase Ventures.
This round resulted in a significant valuation adjustment, bringing the company's worth from its previous $14 billion to less than $7 million. This down round, while marking a decrease in valuation, doesn't diminish the significance of the investment. It underscores the resilience of Blockchain.com in a challenging market and signifies a renewed commitment to the crypto industry's potential.
Founded in 2011 by Benjamin Reeves, Nicolas Cary, and Peter Smith, Blockchain.com has been at the forefront of empowering individuals worldwide to buy, hold, and utilize cryptocurrency effectively. With a user base exceeding 50 million customers, the platform offers more than just transaction capabilities; it provides a gateway for users to take control of their finances in the crypto realm.
Blockchain.com's commitment to transparency is evident through its tools allowing users to scrutinize Bitcoin transactions, coupled with APIs that enable developers to innovate on the Bitcoin blockchain. The company has also played a pivotal role in creating widely adopted cryptocurrency wallets, facilitating seamless management of digital assets for early crypto enthusiasts.
With 37 million verified users, 82 million wallets, and a staggering total transaction value exceeding $1 trillion, Blockchain.com continues to be a powerhouse in the crypto space. The recent Series E funding not only reaffirms investor confidence but also positions Blockchain.com for further innovations and growth in the evolving crypto landscape.